Media Focus on Multinational Corporations





China Vanke Co Ltd announced a plan on Thursday to recruit managers and professionals for its hog farms in Guangdong province, thus revealing its foray into the agricultural sector.The job description for the new unit's general manager says the employee will participate in formulating a plan to raise 250,000 hogs.The real estate group also recently announced the establishment of a new food supply business unit in March, following the setting up of other core units related to property projects, property management, warehouse logistics, resorts, rental apartments and education. The new unit covers hog raising, vegetable cultivation and enterprise catering.

US beverage giant Coca-Cola Co said on Tuesday that it has set up a joint venture with Chinese dairy giant China Mengniu Dairy Co to produce and sell chilled milk in China.Coca-Cola said the joint venture is a reaffirmation of its long-term commitment to the Chinese market and will look to tap Chinese consumers' growing interest for value-added and better-tasting dairy products.In addition, the joint venture will look to make full use of the advantages of both companies, including dairy development and processing techniques, brand influence and distribution channels.

China National Machinery Industry Corp, the country's largest machinery maker by production capacity, started work on a new industrial zone within the China-Belarus Industrial Park-one of China's largest outbound investment projects-on Tuesday, a further testimony to the enhanced bilateral cooperation under the Belt and Road Initiative.The centrally-administrated State-owned enterprise, known as Sinomach, will establish a research and development facility to help more domestic firms participate in technology collaboration with partners in Belarus, and transfer scientific research achievements into products and industrial solutions.Zhang Xiaolun, chairman of Sinomach, said in the next step, the company's new zone and the China-Belarus Industrial Park will be oriented toward industrialization, globalization, digitization and ecology, as well as focus on boosting innovation and high-end manufacturing to improve and upgrade the Belarus economy.

Chinese steel mills are looking to gain a greater say in iron ore pricing by opting for yuan-denominated settlements, with a key deal concluded in the Chinese currency recently.Baoshan Iron and Steel Co Ltd (Baosteel), a subsidiary of China Baowu Steel Group, completed a 100 million yuan ($14.1 million) iron ore settlement deal via blockchain technology with mining giant Rio Tinto Plc, after inking yuan purchase deals with Brazil's Vale in January and Australia's BHP Group in April.In January, Baosteel purchased about 330 million yuan worth of iron ore from Brazilian iron ore miner Vale in Chinese currency. Another deal worth nearly 100 million yuan was reached between Baosteel and Australian miner BHP Group in April. BHP said in a statement that it is expecting to complete its first blockchain iron ore transaction with Baosteel soon.

Cainiao Smart Logistics Network, the logistics arm of China's e-commerce giant Alibaba, launched an international postage service, the company said on Tuesday.Customers in the Chinese mainland can use the mobile phone app Cainiao Guoguo, Cainiao's postage service, to send goods to over 20 countries and regions globally, including the US, Europe, Australia, New Zealand, Japan, Malaysia, Singapore, South Korea, Vietnam, UAE, Israel and Hong Kong. More countries and regions are expected to be included in this service in the near future, the company said.

Migu Co Ltd, a subsidiary of China Mobile, the nation's largest telecom operator, will step up the push to support virtual reality content creators, as the company aims to build a vibrant ecosystem to accelerate the popularity of VR.Yuan Min, deputy general manager of Migu Video, said the company will pour in more resources to assist the production of high-quality VR content, as the commercialization of 5G will fuel the industry's growth.'VR is a major 5G-powered application, and it is closely bounded to the development of 5G. As China expedites efforts to roll out 5G, VR is also expected to see faster expansion,' Yuan said.

Gree Electric Chairperson Dong Mingzhu sold 100 million yuan ($14.1 million) in products via livestream on Sunday, Sina Finance reported on Monday.Dong attended the livestream via Kuaishou, a leading Chinese online short video platform, on May 10, Mother's Day and China Brand Day.At a studio promoting products made in China, Dong, together with livestreaming celebrity Li Jiaqi, showcased a Gree Electric air conditioner at a discount price of 3,699 yuan, 700 yuan lower than its original price.About 1,844 such air conditioners, worth about 6.8 million yuan in total, were sold within 5 minutes.Dong has changed her original attitude toward online sales, and said the livestream was not an end but a new start. She will continue to use the platform to bring high-quality Chinese products online.Gree electric appliances lost or undersold 30 billion yuan in the first quarter of this year, with net profit falling to 1.56 billion yuan — down 72.53 percent year-on-year — due to the novel coronavirus outbreak.

Huawei said it has set up a '5G automobile ecosphere', aimed at accelerating 5G's commercial use in auto industry, the Securities Times reported on Monday.Huawei shows greater ambition in self-driving. The '5G automobile ecosphere' will probably first benefit self-driving where 5G's low latency meets imperative technical requirement in self-driving. 'The ultimate goal of ours is to achieve thorough self-driving,' Huawei's Rotating Board of Director, Xu Zhijun said last year. 'We can accomplish everything that Tesla is now doing.'The '5G automobile ecosphere' is one step of Huawei's '1+8+N' strategy, as 1 refers to smartphone, 8 refers to car-mounted computer, smart speaker, earphone, watch/wrist band, tablet, big screen, PC and AR/VR. N stands for other devices of Internet of Things.

NANJING - Sinopec Yizheng Chemical Fibre Co Ltd, a subsidiary of China's largest oil refiner Sinopec, put into operation the 12th of its 12 meltblown non-woven fabric production lines Saturday to meet the brisk demand of face mask producers.Sinopec has now completed the construction of all its 16 production lines of such fabric. After the full operation of the 16 production lines and together with Sinopec's joint venture enterprises that can produce seven tonnes of meltblown non-woven fabric every day, the daily production capacity of the company is expected to reach 37 tonnes, and its annual production capacity will exceed 13,500 tons, which can be used in making 13.5 billion medical masks.Sinopec has spent 76 days to construct the world's largest meltblown non-woven fabric production base since it launched its construction plan on Feb 24, according to the company.Sinopec is the upstream producer of the polypropylene raw materials in the industrial mask chain. Faced with a market shortage of masks, the company invested 300 million yuan ($42 million) to build the production facilities in its subsidiaries Sinopec Beijing Yanshan Petrochemical Co Ltd in Beijing and Sinopec Yizheng Chemical Fibre in Jiangsu.

Walmart China has named Zhu Xiaojing Christina as president and CEO, effective May 8, its first female head in China.Current CEO Wern-Yuen Tan will leave the company after three years to return home to his family in Singapore.Zhu joins Walmart from Fonterra China, where she most recently served as president.The new appointment signals the US retailer's direction to be more digitalized and innovative in China's competitive retail market.Walmart said it will invest 3 billion yuan ($424.5 million) in Wuhan, Hubei province, to open four Sam's Clubs, 15 hypermarkets and more community stores over the next five years.The company said it was planning to open more than 500 new stores and depots (smaller warehouses) in China during the next five to seven years and revamp 200 existing stores in three years.

China Southern Power Grid is reinforcing its grid network by leveraging big data, artificial intelligence and cloud services among other cutting-edge technologies.The move also aligns with the State Council's call for new infrastructure development, including industrial internet and artificial intelligence, to offset the economic impact of the coronavirus pandemic and boost sustainable growth.Yunnan Power Grid Co, CSG's unit in the southwestern Chinese province, has developed a system to collect data regarding electricity use from companies as an important indicator of their production resumption situation.Since the system's launch in February, it has become an important part of work-resumption-related policymaking for the Yunnan government and also helped the province roll out measures to contain the pandemic.